RIYADH: Gold prices edged higher on Wednesday as concerns of an escalation in the Russia-Ukraine conflict increased safe-haven bids for the precious metal. However, a firmer US dollar capped bullion’s gain.
Spot gold was up 0.2 percent at $1,969.76 per ounce, as of 0609 GMT, after hitting a near one-month peak of $1,978.21 on Tuesday.
US gold futures were flat at $1,975.80.
Silver, platinum gain slightly, palladium up 3.1%
Spot silver was up 0.4 percent at $25.46 per ounce.
Platinum rose 0.7 percent to $972.51, and palladium gained 3.1 percent to $2,398.15.
Grains firm
US wheat futures were firmer in early Asian trading on Wednesday, extending gains on persistent worries about Black Sea grain exports disrupted by the Russia-Ukraine conflict, while corn retreated from a five-week high.
The most-active wheat contract on the Chicago Board of Trade, or CBOT, was up 0.3 percent at $11.16 a bushel as of 0039 GMT, trading near Tuesday’s three-week high of $11.25.
CBOT corn shed 0.4 percent to $7.73 a bushel after rallying to as high as $7.79 in the previous session, its strongest since March 7.
CBOT soybean edged up 0.1 percent to $16.71-1/4 a bushel.
China’s March trade with Russia rises
China’s overall trade with Russia rose by more than 12 percent in March from a year earlier in dollar terms, in sync with previous gains, even as Beijing criticized Western sanctions on Russia following its invasion of Ukraine.
Overall trade with Russia increased 12.76 percent in March to $11.67 billion and jumped 30.45 percent in the first quarter from the same period last year, Chinese customs data showed on Wednesday.
The gains in total trade — comprising the values for exports and imports — were in line with previous increases, with Russia a major source of oil, gas, coal and agriculture commodities for China.
Zinc soars as smelters duel rising costs
Zinc prices climbed to their highest in more than a month on Wednesday as inventories fell and smelters in Europe battled rising prices for energy, risking further output cuts.
Benchmark three-month zinc on the London Metal Exchange was up 2 percent to $4,465 a ton at 1115 GMT, in its fourth straight session of gains.
In China, the most-traded zinc contract on the Shanghai Futures Exchange finished up 3.2 percent at $4,460 a ton, after touching its highest in nearly 15 years.
(With inputs from Reuters)
